Recently USDA Rural Development Administrator for Business and Cooperative Programs Judith Canales joined Small Business Administration (SBA) officials in Syracuse, New York, to discuss opportunities to promote rural small business investment and job creation. The rural investment roundtable event was held at Dairylea Cooperative, Inc.
As part of the Startup America Initiative, SBA recently announced the creation of a $1 billion Impact Investment Fund through its Small Business Investment Company (SBIC) Program. The Impact Fund will invest in distressed areas as well as in emerging sectors such as clean energy. SBA provides up to a 2 to1 match to private capital raised by this fund, partnering with private investors to target “impact” investments.
A part of the President’s job creation initiative in rural America, SBA and USDA are partnering in an effort to leverage $350 million dollars in investment capital. This initiative is designed to support rural small businesses in New York over the next five years. Administrator Canales joined New York Rural Development State Director Jill Harvey and SBA representatives in conversation with rural businesses leaders from across the state to explore ways the private and public sectors could partner to increase investment in rural communities.
She wrapped up the trip with a visit to the New York state office in Syracuse. Employees from all program areas gathered to meet the administrator. The field office staff called in to the meeting using the teleconference system. Her enthusiasm for the business program was evident and the staff appreciated her words for encouragement.
To find out more about how USDA Rural Development can help your rural business, click here.